One of the most pressing economic issues that must be addressed by Congress upon their return from summer recess is the reauthorization of the United States Export-Import Bank (Ex-Im). Set to expire on September 30, the U.S. will face a severe disadvantage in the global competitive marketplace, with major negative economic impacts to the regional and national economies if Congress does not reauthorize the Ex-Im. OCBC’s efforts to educate government and business leaders on the importance of Ex-Im reauthorization included a recent discussion at OCBC’s Advocacy and Government Affairs Committee. Special guest speaker U.S. Representative Ed Royce, 39thDistrict provided his analysis on the future of the Ex-Im, including the importance of implementing badly needed structural reforms to the agency. CLICK HERE to read a letter of support signed by OCBC.
In addition, on July 30, the Economic Development Committee hosted the Ex-Im’s David Josephson, Managing Director for the Western Region, and Paul Duncan, Regional Director for Orange County. Josephson and Duncan provided Committee members with an overview of the role and functions of the Ex-Im, highlighting that for over 80 years, the Ex-Im has served as the official export credit agency of the United States, providing significantly positive impacts to the U.S. economy and for U.S. tax payers. Since 2009 alone, the Ex-Im has supported over 1.2 million U.S. jobs, generated over $2 billion in profit, and financed over $188 billion in exports. The Ex-Im has accomplished all of this while maintaining an extraordinarily low default rate of .211 percent – less than one quarter of one percent. CLICK HERE for more facts and information about Ex-Im. Read Lucy Dunn’s“Don’t Mess with Ex-Im Success” for more information. For more information, contact Bryan Starr, Senior Vice President, Government Affairs, or Matt Petteruto, Vice President, Economic Development.